Use This Balance Sheet and Income Statement for the First

question 117

Multiple Choice

Use this balance sheet and income statement for the first year of operations for Layton Novelties to answer the following question. Use ending balances whenever average balances are required for computing ratios. Laytan Navelties
Income St-tement
Far the Year Ended December 31, 2010
$\begin{array}{lr}\text { Net sales } & \$ 80,000 \\\text { Cost of goods sold } & 32,000 \\\text { Gross margin } & \$ 48,000 \\\text { Operating expenses } & 26,400\\\text { Net income }&\$21,600\end{array}$ The return on assets for Layton Novelties is

• A) 40 percent.
• B) 70 percent.
• C) 18 percent.
• D) 66-2/3 percent.

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Definitions:

Marital Rape

A man forces his wife to have unwanted sexual intercourse (sometimes called spousal rape or wife rape).

Domestic Victimization

Involves harm or abuse inflicted upon one individual by another within the domestic sphere, including physical, emotional, or sexual abuse.

Negative Self-concept

An individual's perception of themselves that is marked by low self-esteem and a lack of confidence.

Low Self-esteem

A condition characterized by a lack of confidence in one's own worth or abilities.